‘Stupid publicity stunt’: Greens’ racecourse housing plan rubbished

Racing and real estate industry leaders have ripped into Greens’ Lord Mayor candidate Jonathan Sriranganathan’s plan to seize the Ascot racetrack for $40m and turn it into 4000 units.

Brisbane Racing Club chief executive Tony Partridge. Picture: Lyndon Mechielsen

It’s the political pony struggling to reach the barriers, with the Greens’ idea to redevelop Eagle Farm Racecourse into affordable housing scratched by racing and real estate leaders.

Greens lord mayoral candidate Jonathan Sriranganathan announced plans to compulsorily acquire the heritage-listed Brisbane Racing Club site in Ascot, if he is voted into power in Brisbane City Council at the March 16 Local Government Elections.

He believes about $40m in council funds would be sufficient, and then a Greens-led council would look to share the housing construction costs with the state government.

The 4000 medium-density dwellings would be split – half would be for those on the state’s social housing waitlist and rented for 25 per cent of regular household income, the rest would be affordable housing available to anyone but rented at 30 per cent below market.

The Greens’ proposal is not new, Mr Sriranganathan asked for fresh public feedback on the longstanding party idea as recently as August. But his threat to compulsorily acquire the site through the Council if he gains power took the thought bubble to a new level.

In the face of a hailstorm of criticism on Tuesday, Mr Sriranganathan stood by his pitch and argued the inner-city site with train station is an ideal candidate for public housing.

The Greens' plan for Eagle Farm racecourse

But Brisbane Racing Club chief executive Tony Partridge said it simply could not be done.

“The BRC understands that Brisbane City Council does not have the power to resume land for housing in the way that the Greens propose,” Mr Partridge said.

“But the Greens’ proposals have never been based on reality. They despise horse racing and are clear in their desire to ban our sport.”

Mr Sriranganathan maintains he can do it.

“Council has a history of acquiring commercial sites for park and road upgrades or other commercial projects. It is a fairly standard process, the legislative framework is set up to allow the Council to do that for projects in the public interest,” he said.

One thing Mr Sriranganathan and Mr Partridge agree on is that they sat down earlier this year to discuss the proposal.

“Mr Sriranganathan and (Stephen Bates, Greens’ Federal MP for Brisbane) confirmed in the meeting on January 30 that it is their desire to shut down horse racing,” Mr Partridge said.

“The Greens understand our position and understand that our ownership of Eagle Farm and its heritage status rule out their plan to turn our green space into high-density housing.”

Mr Partridge said destroying Eagle Farm’s history, dating back to 1865, will not help to ease the state’s housing crisis.

“Housing affordability is a serious issue, but targeting the land that sustains an industry and generates so much revenue for the government is not the answer,” he said.

“The BRC’s events generate $150m in annual economic activity for Queensland. We support the employment of 1500 people each year.”

Ray White’s Dwight Ferguson warned property values in the area would drop off.

“People who have paid multi-millions to own those prestige apartments bought them with the view of retaining the outlook across the racecourse,” he said.

“I can’t see that it’s beneficial to that community … they’re going to ruin the purchase or asset value of those people that own apartments there.”

Greens lord mayoral candidate Jonathan Sriranganathan

Place Ascot director Patrick McKinnon said there is cheaper land available in Eagle Farm for such a proposal.

“We could do that anywhere within a (few) kilometre radius and not destroy something beautiful. There’s so much real estate in Portside that isn’t being used that they could buy cheaper,” he said.

“It’s just a publicity stunt. It’s stupid that they would even say it to get a reaction.

“Tell them to utilise an Olympic village, that would be better planning for a government. They could utilise the one they’re going to build right there (at Portside for the 2032 Games).”

Racing Queensland chief executive Jason Scott labelled the Greens’ plan “absurd and financially irresponsible.”

“I have tried to avoid responding to Jonathon’s ridiculous policy as to not provide it with oxygen,” he said.

“However with council elections around the corner it is imperative that Racing Queensland make it clear how preposterous this policy is from a financially irresponsible political party.”

Mr Scott, a former boss of betting giant Ladbrokes, insists the Greens’ numbers are flimsy.

He referenced a $5b plan to sell Sydney’s Rosehill Racecourse.

“A $40 million valuation (for Eagle Farm) is absurd,” Mr Scott said.

“Rosehill may be in Sydney and have a larger footprint with a huge car park, but it isn’t three kilometres from the city and can’t possibly be worth 125 times more than Eagle Farm.”

Mr Sriranganathan stands by the overall proposal, particularly his $35m-$40m valuation, insisting it was based on the site’s current zoning through the Council and state government.

“The site is zoned Sport and Recreation, so it’s inaccurate to value it based on private sector development potential,” he said.

“Brisbane City Council and the State Government’s Valuer-General value it at $35m.”

“On a large, flat, inner-city site next to a train station, we think public housing, community facilities and parkland are higher priorities than horseracing.”

Mr Sriranganathan said the idea had been done before.

“People forget that New Farm Park was also once a horse racing track,” he said.

“As our city grows, someone is going to have to make tough decisions about the most efficient uses of urban land.”